Newmalayalam Steel IPO allotment expected today. Steps to check status & latest GMP

Newmalayalam Steel IPO Allotment: As the bidding period for Newmalayalam Steel initial public offering (IPO) is now closed, investor focus has shifted to the allotment announcement, which is expected today (December 24). The IPO, which ran from December 19 to December 23 received an overall subscription of 50.69 times, according to exchange data.

The non-institutional investor (NII) portion was subscribed 24 times, while the retail investor and qualified institutional buyers (QIB) portions were subscribed 87.7 times and 1.26 times, respectively.

Investors can check their allotment status through the registrar, Kfin Technologies, or NSE's website.

Given the high level of retail oversubscription, shares will be allocated to retail individual investors (RIIs) on a proportional basis. Those who do not receive an allotment can expect the refund on December 26, 2024. Shares allotted will be credited to investors' demat accounts on the same day as the refunds.

Under the 'T+3' listing rule, public issues must be listed on or before the third day of the issue’s close. Therefore, the SME IPO is expected to be listed on the NSE SME platform, with a tentative date of December 27, 2024. The IPO, worth ₹41.76 crore, was priced in the range of ₹85 and ₹90 per share.

The company proposes to utilise the net proceeds from the offer towards funding IT/technological upgradation of the existing manufacturing facility, expansion of the existing solar facility for power generation, funding expenditure towards civil construction of a new factory shed-cum-storage facility within the existing factory premises in Kerala, and general corporate purposes.

Steps to check Newmalayalam Steel IPO allotment status on registrar's website

Step 1: Visit the IPO registrar website at this link -https://kosmic.kfintech.com/ipostatus/

Step 2: Choose ‘Newmalayalam Steel’ from the ‘Select IPO’ dropdown menu.

Step 3: Select among Application No., Demat Account, or PAN

Step 4: Enter the details using the selected option.

Step 5: Enter the Captcha code and click on Submit.

Your Newmalayalam Steel IPO allotment status will be displayed on the screen.

Steps to check Newmalayalam Steel IPO allotment on NSE Website

Step 1: Open the IPO allotment page at https://www.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp

Step 2: Log in with your credentials.

Step 3: Select Newmalayalam, enter your PAN and application number, and click Submit.

Newmalayalam Steel IPO GMP today

Today's grey market premium (GMP) for Newmalayalam Steel IPO is ₹30 per share, as per the market observers, suggesting that the shares are likely to list ₹30 above their issue price. With this GMP and an issue price of ₹90 per share, the estimated listing price is around ₹120, reflecting a 33.33 per cent premium over the issue price.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions